Tax Credit for Donations Funding K-12 Scholarships for Middle-Income Families.
This law establishes a new federal tax credit for individuals and corporations donating to organizations that provide K-12 education scholarships. The scholarships are aimed at students from households earning up to 300% of the area median income, offering financial assistance for tuition, books, tutoring, and educational therapies. This aims to increase educational options by allowing funds to be used at public, private, or religious schools, including for homeschooling expenses.
Key points
Taxpayers receive a credit for charitable contributions made to organizations that grant educational scholarships to eligible students.
Scholarships cover various educational costs, including tuition, books, testing fees, and specialized therapies for students with disabilities.
The total annual tax credit amount is capped at $10 billion nationwide, allocated on a first-come, first-served basis.
Scholarship funds received by families are exempt from federal income tax.
Status:
Introduced
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